Report
Research Team

WOOD Daily: ARNT CZ; BOCH CY; PZU PW; CZG CP; CAI AV; AEGN GA; KTY PW; ACP PW; PGE PW; ENA PW; LWB PW; CPS PW; KGH PW; TLV RO; EL RO; TCELL TI; OGZD LI; ONE RO; GR Energy; MOL HB; EXAE GA

HEADLINES:
• Arena Hospitality Group: more pleasure, less business (upgraded to BUY)
• Bank of Cyprus: unjustified valuation gap (stays BUY)
• PZU: very strong 4Q21, on strong real estate investment result and restarting of GWP growth POSITIVE
• Ceska zbrojovka Group: big miss in 4Q21 due to one-offs, but FY22E guidance is upbeat POSITIVE
• CA Immo: 4Q21 - massive revaluation gain and strong sales result, but weak underlying FFO
• Aegean Airlines: 4Q21 - capacity continues to recover, but profitability may remain elusive in 2022E
• Kety: 1Q22 preliminary EBITDA up 15% yoy (adjusted EBITDA +40% yoy) POSITIVE
• Asseco Poland: 4Q21 review - net profit in line with preliminary estimate; solid 2022E outlook POSITIVE
• PGE: 4Q21 results review - strong, but slightly below prelims
• Enea: 4Q21 results review - fully in line with prelims NEUTRAL
• Bogdanka: 4Q21 results review - small surprise vs. prelims, but valuation elevated, given risks NEUTRAL
• Cyfrowy Polsat: 4Q21 results - adjusted pro-forma EBITDA down 6% yoy, in line with our expectations NEUTRAL
• KGHM: 4Q21 results review - 7% EBITDA and 85% net profit beats, operating cash flow rises qoq POSITIVE
• Banca Transilvania: DPS of RON 0.126
• Electrica: revised 2022 budget shows RON 166m net profit vs. losses of RON 342m in previous version POSITIVE
• Turkcell: management provides update on Ukraine situation NEGATIVE
• Gazprom: Putin orders company to use RUB in its contracts
• ONE United Properties: updated EGM proposal on the Stock Option Plan share issuance
• Greek power: PM says energy companies should return part of their current profits NEGATIVE
• MOL: agrees to sell its UK North Sea portfolio to Waldorf Production
• Athens Exchange Group: 4Q21E results (due on 28 March)
• Short News (KER)
Underlyings
Aegean Airlines SA

Aegean Airlines is an airline carrier based in Greece. Co. is engaged in aviation transportation, providing services that concern the transportation of passengers and commodities in the sector of public aviation transportation inside and outside Greece, conducting scheduled and unscheduled flights. Co. provides full service, premium quality short and medium haul services. Co. maintains a network of 145 destinations, 111 international in 45 countries and 34 domestic destinations. Co. is a member of global airline network, the Star Alliance network.

Arenaturist d.d.

Asseco Poland SA

Asseco Poland is a provider of proprietary information technology ("IT") solutions which is based in Poland. Co. is engaged in provision of consulting on IT infrastructure, security solutions, human resources solutions, outsourcing services as well as fully comprehensive IT support. Co.'s profile includes software and computer hardware consultancy, production of software as well as supply of software and hardware. This category includes analysing, developing, and programming ready-to-use IT systems. In addition to IT services, Co. also sells goods including mainly computer hardware.

Banca Transilvania S.A.

Bank of Cyprus PCL

CA Immobilien Anlagen AG

CA Immobilien Anlagenis a real estate investment company. Co. invests in commercial real estate, comprising hotel, residential, office, industrial, storage space, and logistics. Co. is also active in project development business. Co.'s activities are focused in Austria, Germany and Eastern Europe. Co. has 263 subsidiaries (including 24 joint ventures) in the following countries: Germany, Austria, Hungary, Luxembourg, Bulgaria, Netherlands, Slovakia, Cyprus, Russia, Czech Republic, Poland, Croatia, Ukraine, Romania and Serbia. Co., through its subsidiaries, is engaged in creation of entire urban districts, acquisition of real estate, project development, as well as property renovation.

Ceska Zbrojovka Group

Cyfrowy Polsat SA

Enea S.A.

ENEA is engaged in production of electricity and heat; trade in electricity; and distribution of electricity.

Gazprom (GDR)

Grupa Kety SA

Grupa Kety is an aluminum industry company based in Poland. Co.'s operations are organized in three business segments: Aluminum Extrusions, Aluminum Architectural Systems and Flexible Packaging. Co. offers aluminum extrusions in different shapes, bars, tubes and wires of aluminum and its alloys, which are used in the construction & building, advertising, indoor fittings, transportation, automotive industry, white goods, machinery engineering and electrical engineering. Co.'s Aluminum Architectural Systems produces aluminum joinery, realizing investment projects and selling systems. Co.'s flexible packaging segment offers packaging made of aluminum foil, films and paper.

KGHM Polska Miedz S.A.

KGHM Polska Miedz is engaged in the mining of copper and non-ferrous metals ore; the excavation of gravel and sand; the production of copper, precious and non-ferrous metals; the production of salt; the casting of light and non-ferrous metals; the forging, pressing, stamping and roll forming of metal- powder metallurgy; waste management; wholesale based on direct payments or contracts; warehousing and storage of merchandise; holding management activities; geological and exploratory activities; general construction activities with respect to mining and production facilities; scheduled and non-scheduled air transport; telecommunication and IT services; and other activities.

Lubelski Wegiel Bogdanka S.A.

Lubelski Wegiel Bogdanka is a hard coal manufacturing group based in Poland. Co.'s core business activities are mining and agglomeration of hard coal. The energetic coal sold by Co. is used mainly for the generation of electric and thermal energy as well as for cement production. Co.'s customers are mainly the industrial companies, first of all those acting in the power industry and situated in east and northern - east Poland. Co.'s mine is located in the part of Lubelskie Coal Basin (LZW) and performs its mining operations within the mining area with surface of 57 km2.

MOL Nyrt

ONE UNITED PROPERTIES SA

PGE Polska Grupa Energetyczna S.A.

PGE Polska Grupa Energetyczna is an electricity company based in Poland. Co. is engaged in the generation and selling of electricity. Co. is a predominant power producer and supplier in Poland and a major heat and power sector company in Central and Eastern Europe. Co. supplies over 5 million households, businesses and institutions through a combination of its own fuel resources (lignite), power generation and final distribution networks. Co.'s activities focus on the following areas: Conventional Power Generation, Renewable Power Generation, Nuclear Power Generation, Wholesale, Distribution and Retail. Co. has 12.2 GW of installed generation capacity.

Powszechny Zaklad Ubezpieczen Spolka Akcyjna

Powszechny Zaklad Ubezpieczen is an insurance group based in Poland. Co. is engaged in offering a broad range of insurance and financial products. Co. pursues three main lines of business: Property and Casualty Insurance, offered by PZU; Life Insurance, offered by PZU Zycie; and Open-end Pension Funds, offered by PTE PZU, the manager of OFE PZU Zlota Jesien. Co. maintains a network of sales and service outlets including 500 outlets throughout Poland, including 243 shared outlets (common for PZU and PZU Zycie), 137 outlets of PZU Zycie and 120 outlets of PZU. Co.'s business is focused on the Polish market but it also conducts insurance business in the Lithuanian and Ukrainian markets.

Societatea Energetica Electrica

Provider
Wood and Company
Wood and Company

WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.

A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.

Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.

We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.

Analysts
Research Team

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